Handelsblatt: “Greece is discovering its mineral wealth”

The Greek government is diversifying energy and accelerating the development of Greek oil and gas fields, Handelsblatt notes.

“The war in Ukraine is forcing the Greek government to change its tactics,” Handelsblatt wrote in an article from Athens entitled “Greece discovers its mineral wealth.”

German financial edition notes: “In 2021, Greece covered 50% of its natural gas needs and 36% of its oil needs from Russia. But now the government is seeking to diversify energy and accelerate the development of Greek oil and gas fields.

In 2014, during the economic crisis, Athens began issuing mining licenses to international companies in areas of the Ionian Sea, as well as southwest of Crete. But now the Greek government has decided to accelerate the start of exploitation of these deposits. According to experts, drilling could start in 2025 or 2026. However, it is possible that at least 5-6 years will pass before the start of production. At the same time, according to government circles, if there are delays in the production process, Athens can withdraw permits and transfer them to other interested parties who turn out to be “nimble”.

Accelerating the process of discovering hydrocarbon reserves, as well as expanding the gas infrastructure, however, does not mean that the Greek government will turn its back on its climate protection goals, government circles emphasize. By 2025, Greece aims to end the production of electricity from brown coal and by 2030 cover 65% of its electricity needs from renewable energy sources.

PS Another thing is whether there will be opportunities for this, which, given the sharp rise in gas prices, seems unlikely. Here, Germany itself serves as an example of changing “green” policy under the pressure of “real” politics.



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